How Will the World Economy Change?
“At times over the last 12 years, it has felt as if
the world were reliving the period of 1918 to 1939, but as if told by a
forgetful student who was getting the events out of order. That era also
featured a global financial collapse; a rise of authoritarian governments; the
emergence of a new economic superpower (the United States then, China now); and
a pandemic, though not in that sequence.
We may not know exactly where this crisis will lead,
for the world economy or anything else. But one thing seems clear: History sure
can be scary when you don’t know how it ends”.
Straggling in a Good Economy, and Now Struggling in
a Crisis
“Certainly, the outbreak and attempts to curb it have
created new hardships. But perhaps more significantly, the crisis has revealed
profound, longstanding vulnerabilities in the economic system.
“We built an economy with no shock absorbers,” said
Joseph Stiglitz, a Nobel-winning economist. “We made a system that looked like
it was maximizing profits but had higher risks and lower resiliency.””
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